Facebook profits miss estimates, but rise on mobile growth

By Hayley Tsukayama, May 01, 2013 09:05 PM EDT

The Washington Post Facebook profits rose with growth on mobile devices but missed forecasts for the quarter, the company announced Wednesday afternoon.

Revenue increased to $1.46 billion, a 38 percent jump from the same period last year but lower than the 40 percent increase the company reported in the previous quarter. The firm reported net income of $219 million, lower than the $308 million analysts had expected.

The company had warned last quarter that its profits would dip under higher expenses. Costs this quarter were up 60 percent from the previous one.
Chief executive Mark Zuckerberg signaled that Facebook’s quieter quarter is the result of big investments it’s made in company infrastructure and a new round of hiring.
“We’ve made a lot of progress in the first few months of the year,” Zuckerberg said in a statement. “We have seen strong growth and engagement across our community and launched several exciting products.”
The company said that it now has 1.11 billion monthly active users, an increase of 23 percent over the previous quarter. Mobile user growth was higher — up 54 percent with 751 million mobile monthly active users.